Mukta Arts likely to touch Rs. 51

The stock Mukta Arts Limited is currently trading at Rs. 46.05 per share. After a huge gap-up opening on Monday, stock has managed to extend their northward movement and end-up with 17.32 per cent gain.

The stock on the way up has managed to break its downward sloping trendline resistance formed by connecting swing highs from early May 2018. The breakout was supported by justifiable volumes. The 14-period day RSI is quoting around 68.33, which predicts further upward movement in the stock. The daily MACD stays bullish as it is trading above the zero line.

For any immediate decline, the stock has two crucial support zones, one is gap zone of Rs. 39.25- Rs. 42 and second one is its short-term crucial moving average, i.e., 21-days EMA, which is currently placed at Rs. 40.15. While on the upside, the stock is likely to touch Rs. 51 level, followed by Rs. 55 in the short-term.